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Coinbase outages
- xyst 5y agoThis is not good - likely a shit ton of people withdrawing due to panic and Coinbase is having trouble covering. Only way to stop the bleeding is to hide behind "server troubles". It can't be a coincidence that all crypto currencies are on a downward spiral and Coinbase is down
- chrisBob 5y ago> Only way to stop the bleeding is to hide behind "server troubles" Introducing: Server Trouble As A Service. The most efficient way to stop a run on your bank.
- netflixandkill 5y agoThink of all the untapped incompetence out there to make this happen. This could also solve UBI.
- BluSyn 5y agohttps://status.coinbase.com/ https://status.coinbase.com/
- excitednumber 5y agoAccording to this page everything is fine!....
- hundchenkatze 5y agoIt says partial outage for web and api for me.
- Grazester 5y ago"Intermittent downtime on Coinbase platforms" "Investigating - We are currently investigating this issue. May 19, 06:12 PDT"
- onlyrealcuzzo 5y agoI think they're going to see why stock exchanges implemented circuit breakers. Negative feedback loops are really bad.
- creshal 5y agoBut you know what's worse? The government helping you! t. anarchists
- cturner 5y agoThat HTML error page uses my GPU and consumes an entire CPU core.
- kwertyoowiyop 5y agoJust leave it up for a couple hours kthxbye.
- afavour 5y agoLook, they need to mine crypto somewhere.
- chrononaut 5y agoI wonder how much the volatility of cryptocurrency is influenced by the stability of exchanges. Does it make the price more stable by artificially restricting trading, or does it ultimately induce more panic?
- anonymouse008 5y agoI'd venture to say directly -- current lvl2 data shows about 1-10% of previous order depth available. Which also asks the next question, how much of the price action and volume is automated trading in these platforms? Not that automated is necessarily good or bad - but how much is a retail interest
- yawnxyz 5y agowow what's going on with all the crypto prices today?
- viraptor 5y agoIf one exchange goes down and you have enough money to move the price on another one, that's a great opportunity for some arbitrage. That would cause at least some players to try for higher volatility. (No idea what the overall effect will be though)
- Izkata 5y agoI can't answer in general, but one thing I do remember: Litecoin didn't move in tandem with Bitcoin until after it was added to Coinbase.
- rajasimon 5y agowazirx is down too.
- senojretep356 5y agoIt's quite concerning given the amount of people who will be trying to sell right now. Even a short period of being locked out of trading could cost people thousands of dollars. I'm sure they're protected in their terms of use but I wouldn't use an exchange that can't keep live with high volumes.
- deleted 5y ago[deleted]
- yamrzou 5y agoBitstamp (https://www.bitstamp.net/ https://www.bitstamp.net/) has been having intermittent downtime as well.
- bhaak 5y agoExchanges going down is the circuit breaker of cryptos.
- ludamad 5y agoIt's also a circuit breaker for regular brokerages too :)
- throwaway_kufu 5y agoExcept Crypto isn’t regulated like stocks, so what your likely seeing is the exchange themselves shutting off service to lock in their customers while the exchange liquidates its positions.
- solveit 5y agoNot Coinbase.
- eloisius 5y agoWho are they liquidating their positions to if they are shutting off access to exchanges? Every seller needs a buyer.
- throwaway_kufu 5y agoTo all the decentralized exchanges where poor fools have their money locked up to be sniped.
- 3327 5y agoCrypto isn’t governed by finra regulations. Its wild west, therefore wildwest tactics like front running etc are fair game. Gg for those of you who maxed out credit cards to buy crypto
- eloisius 5y agoI have no doubts about front-running, but that would still mean they need suckers that have access to exchanges in order to liquidate their positions.
- throwaway6734 5y agoDefinitely worth 2x Nasdaq!
- gardaani 5y agoAccording to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??
- onlyrealcuzzo 5y agoThe volume of Bitcoin is over $100B sometimes. It's over $75B in the last 24 hours. There are several days in the last month, according to Tether, with AT LEAST $500M of inflows. A single $1B of outflows shouldn't tank a market like this by 40%...
- afavour 5y agoIt’s what happens when the entire vehicle is speculation. I know the plan and the desire is for Bitcoin to be used as an alternative payment method but it isn’t fit for purpose. The people investing in it are doing so purely on a speculative basis, so you’d better believe plenty will cash out at the first sign of a dip.
- bradam 5y agoCan you please point me a source where Bitcoin is "desired" as a payment method? It's seen more of a store of value, not used for paying for everyday things.
- afavour 5y agoYou’re asking for a source to prove that people want to use a cryptocurrency as currency? Feels a little like asking for a scientific paper proving that fish swim in water.
- thecupisblue 5y agoI would also love to have that source. Any statistics on % of crypto used for actual transactions vs only for trading?
- deleted 5y ago
- Spooky23 5y agoWell yeah, we’re in the middle of the dump phase of pump and dump in an unregulated marketplace.
- strikelaserclaw 5y agoi'm holding which of you apes is with me (sarcasm)
- screye 5y agoWell, dumping once you already knee deep in the dump only ensures a guaranteed loss. If you are confident about the long term prospects of an investment, then holding on for longer might just work. I won't be selling any of my Eth or PoS crypto currencies any time soon. It helps that crypto makes up less than 15% of my portfolio.
- m3kw9 5y agoNot really, you can dump and buy lower. Dump and not buy back will guarantee losses. Usually you dump based on panic and not buy back that’s how wealth is lost usually. Most assets don’t go to zero after someone sells, they may go lower but will have a bounce point somewhere down the line.
- MavropaliasG 5y agoTezos?
- deleted 5y ago[deleted]
- deleted 5y ago[deleted]
- iamacyborg 5y agoWatching the absolute freefall of the crypto market on coinmarketcap is rather entertaining. Glad I cashed out ~10 days ago, even if I missed out on some gains.
- defterGoose 5y agoThat's great; can you use the money to do something useful now and stop supporting this garbage?
- parhamn 5y agoSo is Gemini.
- dustingetz 5y agodeleting due to quality of replies
- globular-toast 5y agoThey all have the same value, ie. not much.
- throwaway4good 5y agoThey are all linked and deeply correlated to Bitcoin. Also happens in the other direction.
- uberdru 5y agoThinly traded, purely speculative markets, with very few, highly concentrated holdings, running on completely untested, largely unregulated exchanges, with no SLAs, middlemen, customer support, etc. . .
- xienze 5y agoTake a look at the top 100 charts at any random time of day. They’re almost all carbon copies of the BTC chart.
- BLanen 5y agoBecause there are no fundamentals.
- liuliu 5y agoAlternative theory: USDT is actually down by 40% but the current peg is artificially supported by restricting trades (with USD).
- dcolkitt 5y agoAssets in the same asset class tend to move together, especially during market crashes. Same exact thing happens with stocks during periods like 2008. In finance speak, we say “correlations go to 1”
- deleted 5y ago[deleted]
- throwaway4good 5y agoHow is this ok? A market crash multiple exchanges go down and/or withdrawals certainly become very hard - this was submitted earlier to hn about Binance: https://www.reddit.com/r/binance/comments/nea291/weekly_binance_support_thread/ https://www.reddit.com/r/binance/comments/nea291/weekly_bina...
- vishnugupta 5y agoCould it because of T+2 settlement?
- throwaway4good 5y agoThere is no such thing in crypto.
- vishnugupta 5y agoI haven’t traded in crypto so please take it with a grain of salt. If someone is selling BTC for USD then someone is doing the same in the other direction. From Gameshop saga we do know that USD takes time to travel between different parties, in this case from buyer to coin base and then from coin base to seller. Unless USD payment is instantaneous there will be some form of T + 1 isn’t it? What am I missing here?
- phist_mcgee 5y agoPeople trade derivative coins such as USDC, USDT and BUSD that pair with coins such as BTC or ETH. These are basically stable coins that track the USD. Therefore trades are nearly instant. Withdrawing USD from the platform involves selling your derivate coins for fiat.
- overtonwhy 5y agoDerivative coins that might not be so stable after all... https://coingeek.com/tether-reaches-new-lows-in-quest-to-avoid-being-audited/ https://coingeek.com/tether-reaches-new-lows-in-quest-to-avo...
- program_whiz 5y agoWhy is this happening? China is adding increased restrictions and pressure on bitcoin. https://www.cnn.com/2021/05/19/investing/bitcoin-price-drop-china-crypto-intl-hnk/index.html https://www.cnn.com/2021/05/19/investing/bitcoin-price-drop-...
- phist_mcgee 5y agoThese articles have been circulating for years. No one piece of news moves markets like this. This is just one small part of the drop.
- howmayiannoyyou 5y agoDear dev team... please get back to work. Our brick & mortar business is still humming along, paying your salary and needs your help... and you now need us to 'buy the dip'.
- h4kor 5y agoCoinmarketCap is also down. https://coinmarketcap.com/ https://coinmarketcap.com/
- postingawayonhn 5y agoLooks fine to me.
- ibraheemdev 5y agoYup, down for me too.
- chirau 5y agoI'm really furious Coinbase for an unrelated incident. I bought a bunch of BTC back in 2018 on Coinbase and just left it there, I rarely checked it. Fast forward to 2021 and I want to see how my portfolio has grown, only to be told my account was disabled. This was back at the beginning of March. So I contacted them and told them my issue. They sent me instructions on changing passwords, calling my mobile service provider etc. Some ridiculous stuff. I did it all. Only for them to tell me that they have to forward my case to a specialist. 3 weeks later, they come back to me telling me to repeat the same steps as I did before, and I complied, only for them to tell me they are again forwarding it to a specialist. Another 3 weeks later, they tell me to repeat the same steps in addition to taking a photo of myself holding my ID with a sign that says 'For Coinbase verification'. Did that degrading stuff too. Guess what they told me again, oops we are forwarding it to a specialist. I don't know whether it is automated supported or what but this is absolutely disgusting and there is no name to the emails, just 'Coinbase Support'.
- xtracto 5y agoThe same thing happened to me on Bittrex for two years. The requirements of the photo holding the paper are asinine (one looking at the camera, one facing right, one facing left) and then they rejected the photos because "my elbows did not show". Next they will ask me to record a video of myself doing some silly dance for their amusement I guess. As soon as I regained access all took all my shitcoins and moved them to a wallet for which I have the key. Centralized exchanges suck, they are completely against the principles of Cryptocurrencies.
- BenjiWiebe 5y agoThe photo of you holding a photo ID is standard practice these days. Afaik, everyone creating an account has to do that, and apparently it applies to old accounts as well. It's because CoinBase is trying to be fully legal/compliant with US law. Plus, they're FDIC insured.
- csunbird 5y agoI might sound heartless here, but, Not your keys, Not your coins.
- tjansen 5y agoAnd Bitpanda (+Bitpanda Pro) is down...
- ______- 5y agoI'm a bit of a cryptocurrency newbie, but I know enough about it to know that centralized exchanges are not what cryptocurrency is really about. It's more about spending with cryptocurrency (in a decentralized way) instead of exchanging some fiat for it, and vice versa, no? It's a bit of chicken and egg problem I suppose (If I want Bitcoin I need some fiat to get it in some cases), unless I acquire Bitcoin via some other method (like stealing/mining it)? Edit: Also: Since most people need USD to get Bitcoin (or other coins), doesn't that mean all cryptocurrencies are inherently gold-backed and rely on the value-store of gold? (Excuse my naive question. Again; I'm a newbie).
- tjansen 5y agoI think that very few people are actually paying with cryptocurrency right now. As long as it's as volatile as today (and in the case of BTC, transactions are so expensive and slow), it's mostly speculation about which system may be used in the future.
- BLanen 5y ago> spending with cryptocurrency It hasn't been about actually using it for years now.
- thinkmassive 5y agoOr acquire it the same way you presumably acquire USD: work and get paid in it. Kinda weird you left that out but mentioned stealing, although I suppose ransomware is top of mind these days.
- Mizza 5y agoShaaaaady. The NYGA report on Tether is due today. Tether is completely insolvent, and once the rug is pulled, all of the exchanges are going to realize that all of their "stable" reserves are worthless and they can't pay out what they're storing for customers, and the price will tumble all the way down as there's a run on the pseudo-banks that can't payout. Or not, what do I know.
- ojr 5y agoYou do know that Coinbase has a $50k a day withdrawal limit? A lot of doomsday scenarios leave out this important detail when talking about a hypothetical bank run.
- JackFr 5y ago> You do know that Coinbase has a $50k a day withdrawal limit? On the day you might think that limit matters, it's not really gonna matter.
- loceng 5y agoIt still would slow down a bank run, and Coinbase conveniently/suspiciously going down when bank runs seem to start would further cut off impulse selling - and arguably long enough for manipulation to happen elsewhere to turn price into upward trend again to quell impulse selling by potentially artificially making the price look like it's rebounding.
- simonh 5y agoWhat's to stop me opening 10x accounts of $50k each and pulling them all out at the same time?
- 988747 5y agoI guess the fact that they follow KYC requirements and not allow anonymous accounts? You would have to create 10 fake identities for yourself first.
- NicoJuicy 5y agoI guess my theory of bank run on bitcoin is about to be tested.
- ramboldio 5y agoI recommend to look at the tether trading volume. If too many people are requesting their dollars at the same time, tether will go bankrupt and with it the bulk of the 'value' of the crypto empire. (hard to get a site that is up and has a good chart for that rn..)
- chrononaut 5y ago> (hard to get a site that is up and has a good chart for that rn..) Was just going to ask what you would recommend to monitor that. In better times, what would be the best resources?
- taylorcooney 5y agohttps://coinmarketcap.com/currencies/tether/ https://coinmarketcap.com/currencies/tether/ Jump to the 7d view
- trevithick 5y agohttps://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3 https://crypto-anonymous-2021.medium.com/the-bit-short-insid... Posted on HN a while back. "To be crystal clear: every time you sell Tethers on Kraken, you are forcing Tether Ltd. to pay you in US dollars. If you can manage to sell enough Tethers for USD on Kraken, then Tether Ltd. will run out of dollars and this whole machine — which currently undergirds 70% of all crypto trading flows — will fall apart. Well-capitalized hedge fund managers may wish to re-read the above paragraph, and ponder its implications."
- Gatsky 5y agoThe analysis in that link was debunked.
- NeutronStar 5y agoThen link the debunking.
- jtbayly 5y ago
- shiado 5y agoToday cascading liquidations becomes a household term.
- endisneigh 5y agoI thought cryptocurrencies are supposed to be free from government and world influence.
- Ekaros 5y agoYou can always try to find some guy on street and trade it for cash or gold or silver... Oh wait, government might have say about using the cash...
- laurencei 5y agoFor me the Reddit subreddit https://www.reddit.com/r/CryptoCurrency/ https://www.reddit.com/r/CryptoCurrency/ wont load either. I can load the rest of Reddit fine - but that page just loads as a blank white page. I'm guessing its lots of people going there for the discussions...
- alex_young 5y agohttps://pro.coinbase.com/trade/BTC-USD https://pro.coinbase.com/trade/BTC-USD
- nceqs3 5y agotHe FutUre oF fINanCe
- IanDrake 5y agoCan we stop pretending these are currencies now?
- dougmwne 5y agoI was shocked the other day on the Ethereum PoS announcement by the energy consumption per transaction metrics. It threw the whole crypto market into a new light for me. BTC is using over a megawatt hour PER transaction! That's almost 5000 miles in a Tesla model 3. BTC is using about 2/3 of the power of every data center on the planet! Many, many people have been imprisoned or executed for creating less societal harm and externality than Bitcoin. Satoshi Nakamoto may end up being the most destructive person to have ever lived. People are free to gamble, but could they please not turn the surface of the Earth into a black body radiator while they're at it?
- gfodor 5y agoMaybe take a longer view.
- suprfsat 5y agoRight, the surface of the Earth will eventually become a black body radiator _anyway_, so why should it bother anyone if we want to have a little fun first.
- yetihehe 5y agoThere is a theory that life exists, because it is effective at spreading out energy as heat more efficently[0]. In such case, bitcoin (or having fun) can be seen as a good purpose for life. Most of activities seen by people as "fun" use up energy and spread it as heat. [0] https://www.quantamagazine.org/a-new-thermodynamics-theory-of-the-origin-of-life-20140122/ https://www.quantamagazine.org/a-new-thermodynamics-theory-o...
- jacobsimon 5y agoSuper interesting thanks for sharing.
- dougmwne 5y agoThis is excellent. We should found a religion based on it. CHURCH OF THE ENTROPY MOST HIGH.
- BTCOG 5y agoCoinbase goes down every single year when the market corrects.
- randomopining 5y agoBig banks and the rich are squeezing out paper handed retail and leveraged traders. They are buying in at the low and will go full steam by the summer.
- namelosw 5y agoI'm not sure if it is the causation but China took drastic restrictions on cryptocurrencies yesterday, and Chinese players IMHO held a big share of those cryptos. Also, people in China would call it "unplug" when exchanges going down. It's a popular meme because people find every time the market crashes those Chinese exchanges would go down as well, thus many people believe they intentionally did that to let oligarchs sell their crypto in back channels first.
- onemoresoop 5y agoChinese people will continue to siphon money out of China and cryptocurrencies are the ideal vehicle, they will continue to do it one way or another.
- michaelmcmillan 5y agoNever attribute to malice that which is adequately explained by incompetence.
- vishnugupta 5y agoThe error message from Cloudflare is interesting "This website is using a security service to protect itself from online attacks."[1] [1] https://imgur.com/a/BRDMH0z https://imgur.com/a/BRDMH0z
- indiantinker 5y agoA Wyckoff Event just happened as he explains https://www.youtube.com/watch?v=rFijwQzZFuM https://www.youtube.com/watch?v=rFijwQzZFuM
- foobarbecue 5y agoI just got this trying to log in to coinbase: You are now in line. Thanks for your patience. Your estimated wait time is 1 minute...
- devops000 5y agoIt’s curious that BTC has peaked exactly around the day of Coinbase IPO
- tinyhouse 5y agoAnd the west coast didn't even wake up yet...
- _alex_ 5y agoVolatility up, coinbase down
- shibshab 5y agoExchanges suffer the disadvantages of serialized computing. The matching engine model is inefficient from a computing perspective.
- m3kw9 5y agoBitcoin crashing will teach Elon not to mess with crypto, could risk his company into a very bad cash position
- onemoresoop 5y agoWho knows for sure, maybe he did sell Tesla's positions and is buying back when the price hits rock bottom. There have been heavier crypto price drops and people are initially traumatized but when the price starts climbing up again everybody jumps in and the mishap is quickly forgotten. There's nothing rational about it.
- deleted 5y ago[deleted]
- deepserket 5y agohe tweeted diamond hands like 30 min ago...
- m3kw9 5y agoThe stock should drop based on the increased risks and volatility of bitcoins
- deleted 5y ago[deleted]
- Ekaros 5y ago40B+ company which sole product is web-site can't keep it running? Where is the value in that? Or are they doing it intentionally to slow down things?
- webinvest 5y agoWhat’s going on with the comments in this thread? They’re out of character.